Market Insights and Business Cases – PayX helped Nets by delivering Market Insight to be used as the foundation for their product strategy and business cases in their card acquiring and issuing business. Nets is the leading Payments Processor in the Nordic marketplace, with approximately 2,200 employees servicing clients across the region, processing over 2bn card transactions, administered 300,000 merchants and handled 18 million cards. PayX has worked with Nets for over 7 years through substantial change.
Nets was created as a result of a merger of the leading payment companies in the Nordics, with Danish e-payments outfit PBS and Norwegian counterpart Nordito – owner of BBS and Teller coming together in 2009. With its formation there was a clear imperative within the business to seek out new commercial opportunities and develop its products and services such that it was well positioned to meet its ambitious growth plans in the Nordic region and beyond into Europe.
The product strategy team were keen to accelerate their understanding of the marketplace and identify where the opportunities for the newly formed organisation could be exploited. In an increasingly competitive payments market where the twin threats from foreign service providers actively courting customers and new entrants moving into this space from adjacent industries looking to gain a share of a large and growing market it was imperative for Nets to act quickly.
PayX deployed a small team of payments experts with extensive experience of payments in both the Nordic and European markets. The senior team understood that this exercise would serve as the foundation of a comprehensive product strategy to be developed from the insights provided in the final report.
The PayX team began by agreeing the focus areas for research with the senior Nets stakeholders before quickly developing a prototype of the final Insight Pack output. Drawing on their relationships with other organisations and industry thought-leaders the PayX team were able to deliver a detailed portfolio of reports for the Nordics and Baltics which contained insights for each country, the industry drivers of change, overview of customer needs, the competitive landscape and analysis of the product providers both in the Nordics and those who were most likely to enter the region in the short-term.
Following the delivery of the portfolio of reports the PayX team walked through their findings with Nets highlighting areas of opportunities, competitive threats and specific considerations for their product strategy development.
By working with PayX, Nets have halved the time they anticipated for their Product Strategy development process to be completed (the end-to-end delivery was completed in just 3 months vs the expected 6 months). By utilising PayX’s central industry position Nets also benefited from an un-rivalled network of payments knowledge of other payments regions which was brought-to-bear in the final deliverable. Subsequently PayX has been engaged in further Industry and Product Strategy work across other areas, e.g. fraud prevention and issuer processing, to strengthen the on-going business enhancement.
In the most recent developments, Nets has been sold to a private equity and pension consortium, more info here